manhattan - apartments & multifamily in new york city
TRANSCRIPT
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David Aharoni
P: (877)-249-1022
www.parkavenueproperties.co
MANHATTAN MULTIFAMILY MARKET REPORT
1st Quarter 2019
Multifamily Market Report Overview
Multifamily Market Report Overview
Released quarterly, the Manhattan Multifamily Market Report is organized in six distinct sections and it is
designed as a guide to the borough’s multifamily market. The report includes key market stats, the most
up-to-date quarterly sales data, and charts that give a clear picture of current market conditions.
The first section - Multifamily Market Overview - shows the borough’s quarterly sales volume and stats on
average price per square foot and per unit. Small, medium, and large multifamily buildings are also
accounted for separately and sales stats are provided for each category.
Following a list of top 25 most expensive multifamily sales, Manhattan neighborhoods are ranked by
average price per square foot over the past quarter. Each neighborhood has its own one-page snapshot
with stats and trends for the local multifamily market.
Table of Contents
1 2 3 4 5 6
Multifamily Market Overview
Top 25 Multifamily Sales
Map of Neighborhoods
Top Neighborhoods
Sales Maps
Stats by Neighborhood
David Aharoni
P: (877)-249-1022
www.parkavenueproperties.co
Multifamily Market Overview
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
David Aharoni P: (877)-249-1022 [email protected]
Large multifamily
Medium multifamily
Small multifamily
-34% YoY
Transactions
45% YoY
Average price/unit
36% YoY
Average price/sq.ft.
-36% YoY
Sales volume
Multifamily Market Overview
Manhattan, 1st Quarter 2019
$996.9M $794 $736K 74
$1,003
$
$500
$1,000
$1,500Average price/sq.ft.
47
$272M
0
10
20
30
40
50
60
$
$100M
$200M
$300M
$400M
Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019
Sales volume / Transactions
$837
$
$200
$400
$600
$800
$1,000Average price/sq.ft.
23 $335M
0
50
100
150
$
$500M
$1B
$2B
Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019
Sales volume / Transactions
$667
$
$200
$400
$600
$800Average price/sq.ft.
4 $390M
0
5
10
15
20
$
$200M
$400M
$600M
$800M
$1B
Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019
Sales volume / Transactions
1
Top 25 Multifamily Sales
Neighborhood
1 450 Washington St $260,000,000 01-Feb-19 305,542 $851 TriBeCa
# Address Sale Price Sale Date Sq.ft. Price/Sq.ft.
Carnegie Hill
3 5 E 51st St $44,000,000 15-Feb-19 14,708 $2,992 Central Midtown
2 103 E 86th St $90,500,000 12-Feb-19 91,260 $992
NoMad
5 - $24,743,672 27-Mar-19 11,169 $2,215 Lenox Hill
4 118 Madison Ave $38,000,000 07-Feb-19 32,917 $1,154
East Village
7 200 E Fifth St $21,250,000 14-Feb-19 122,689 $173 East Village
6 236-240 E Fifth St $23,250,000 31-Jan-19 25,002 $930
Greenwich Village
9 489 Broadway $19,925,772 25-Feb-19 10,710 $1,860 SoHo
8 35 Bedford St $21,000,000 24-Jan-19 17,556 $1,196
Harlem
445 W 125th St $19,500,000 22-Feb-19 78,441 $249 Harlem
10 320 St Nicholas Ave $19,500,000 22-Feb-19 78,441 $249
Washington Heights
12 311-313 Second Ave $18,000,000 15-Jan-19 16,026 $1,123 Gramercy Park
11 452 Fort Washington Ave $18,260,001 15-Feb-19 65,190 $280
East Village
14 227 E 67th St $15,000,000 16-Jan-19 14,652 $1,024 Lenox Hill
13 24 Avenue A $15,800,000 08-Feb-19 15,308 $1,032
East Village
16 1352 First Ave $14,000,000 14-Feb-19 8,000 $1,750 Lenox Hill
15 225 E Tenth St $14,900,000 25-Mar-19 14,265 $1,045
East Village
18 227 E 67th St $13,323,516 27-Mar-19 14,652 $909 Lenox Hill
17 332 E Fourth St $14,000,000 09-Jan-19 17,478 $801
Carnegie Hill
20 442 E 13th St $12,370,800 29-Mar-19 12,722 $972 East Village
19 9 E 82nd St $12,500,000 29-Mar-19 9,016 $1,386
East Village
22 348 E 62nd St $11,833,334 19-Feb-19 12,180 $972 Lenox Hill
21 436 E 13th St $12,370,800 29-Mar-19 12,722 $972
Lenox Hill
24 346 E 62nd St $11,833,333 19-Feb-19 11,940 $991 Lenox Hill
23 344 E 62nd St $11,833,333 19-Feb-19 11,940 $991
NoLIta
David Aharoni P: (877)-249-1022 [email protected]
25 247 Mulberry St $11,000,000 25-Mar-19 10,500 $1,048
Top 25 Multifamily Sales
Manhattan, 1st Quarter 2019
2
Map of Neighborhoods
David Aharoni P: (877)-249-1022 [email protected]
Map of Neighborhoods
Average price per square foot (past 3 years)
3
Top Neighborhoods
# NeighborhoodAverage
price/sq.ft.Sales volume
No. of
sales
Avg. price/sqft by multifamily size
Small Medium Large
$984 -
2 Carnegie Hill $1,064 $111,975,000 3 $1,535 - $992
1 Lenox Hill $1,170 $133,104,791 12 $1,256
$496 -
4 Clinton - Hell's Kitchen $706 $15,100,000 3 $764 $633 -
3 Upper West Side $811 $24,045,400 5 $893
- -
6 East Village $559 $131,541,600 9 $1,040 $955 $173
5 East Harlem $640 $7,712,500 3 $640
David Aharoni P: (877)-249-1022 [email protected]
$238 -
8 Washington Heights $322 $32,345,001 5 $423 $386 $280
7 Harlem $352 $50,790,134 15 $590
Top Neighborhoods
Manhattan, 1st Quarter 2019
This is a ranking of Manhattan neighborhoods based on average sale price per sq.ft.
Only neighborhoods with a minimum of 3 property sales where square footage is available were considered.
4
Sales Maps
David Aharoni P: (877)-249-1022 [email protected]
This heat map displays the price per square foot
for properties sold in the past 5 years. The areas in
dark red are the most expensive.
Price / Sq.ft.
The map displays recent sales activity. The
areas in dark blue were the most active in
terms of closed sales.
Recent sales
Sales Maps
Manhattan, 1st Quarter 2019
5
Carnegie HillManhattan, 1st Quarter 2019
Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units
Small $1,952,273 -62% $1,535 -55% $21,475,000 2 2 11
1 51
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
David Aharoni P: (877)-249-1022 [email protected]
0 0 0
Large $1,774,510 - $992 - $90,500,000 1
Medium - - - - $0
Type of Properties Sold
50% YoY
Number of Transactions
-43% YoY
Average Sale Price per Sq.ft.
239% YoY
Sales volume
Nestled on the Upper East Side, Carnegie Hill is a top choice for buyers
who want a small-town feel in the middle of Manhattan. A wide variety
of property types are available here, including apartments, historic
brownstones, newer condos, and mansions. Old and new trees alike line
avenues that are home to offices, storefronts, and residential buildings.
$112.0M
$ $20M $40M $60M $80M
$100M $120M
Sales volume
$112.M
$1,064
$
$500
$1,000
$1,500
$2,000
$2,500Average Sale Price per Sq.ft.
$1,064
3
0
1
2
3
4
5
Q1-2016 Q2-2016Q3-2016Q4-2016 Q1-2017 Q2-2017Q3-2017 Q1-2018 Q2-2018Q4-2018 Q1-2019
Number of Transactions
3
6
Clinton - Hell's KitchenManhattan, 1st Quarter 2019
Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units
Small $696,154 -14% $764 19% $9,050,000 2 2 13
0 0
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
David Aharoni P: (877)-249-1022 [email protected]
1 1 20
Large - - - - $0 0
Medium $302,500 -65% $633 -62% $6,050,000
Type of Properties Sold
50% YoY
Number of Transactions
-43% YoY
Average Sale Price per Sq.ft.
4% YoY
Sales volume
High-rises are the order of the day in some parts of Hell’s Kitchen but
there are also plenty of historic NYC condos, apartments, and residential
homes. Residents are proud of the neighborhood’s unique rough-and-
tumble vibe and buyers choose it for its convenient proximity to the lush
greens of Central Park, the theaters on Broadway, and the old-world
charm of its mom and pop shops.
$15.1M
$
$50M
$100M
$150M
$200M
$250MSales volume
$15.1M
$706
$
$500
$1,000
$1,500
$2,000Average Sale Price per Sq.ft.
$706
3
0
5
10
15
20Number of Transactions
3
7
East HarlemManhattan, 1st Quarter 2019
Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units
Small $771,250 30% $640 17% $7,712,500 3 3 10
0 0
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
David Aharoni P: (877)-249-1022 [email protected]
0 0 0
Large - - - - $0 0
Medium - - - - $0
Type of Properties Sold
-67% YoY
Number of Transactions
36% YoY
Average Sale Price per Sq.ft.
-94% YoY
Sales volume
Also known as Spanish Harlem or El Barrio, and formerly as Italian
Harlem, East Harlem is full of vibrancy in the form of huge murals,
museums, and good subway access. It’s a bustling neighborhood full of
nightlife, art, community gardens, churches, and unique local businesses.
Parking is relatively easy and residents enjoy a tight community vibe.
$7.7M
$
$100M
$200M
$300M
$400M
$500MSales volume
$7.7M
$640
$
$200
$400
$600
$800Average Sale Price per Sq.ft.
$640
3
0
20
40
60
80Number of Transactions
3
8
East VillageManhattan, 1st Quarter 2019
Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units
Small $1,925,976 51% $1,040 -3% $32,741,600 3 3 17
1 151
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
David Aharoni P: (877)-249-1022 [email protected]
5 5 143
Large $140,728 - $173 - $21,250,000 1
Medium $542,308 114% $955 243% $77,550,000
Type of Properties Sold
-25% YoY
Number of Transactions
62% YoY
Average Sale Price per Sq.ft.
91% YoY
Sales volume
Home to a number of artistic movements including punk rock and the
Nuyorican literary movement, East Village is a diverse community with a
unique artistic vibe and vibrant 24/7 nightlife. The neighborhood is
home to parks, indie record stores, and budget-minded eateries.
Housing options here include co-ops, condos, and some rare examples
of the townhouse.
$131.5M
$
$100M
$200M
$300M
$400M
$500MSales volume
$131.5M
$559
$$200$400$600$800
$1,000$1,200
Average Sale Price per Sq.ft.
$559
9
0
5
10
15
20Number of Transactions
9
9
HarlemManhattan, 1st Quarter 2019
Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units
Small $418,032 17% $590 18% $27,590,134 13 13 66
0 0
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
David Aharoni P: (877)-249-1022 [email protected]
2 3 96
Large - - - - $0 0
Medium $241,667 -27% $238 -45% $23,200,000
Type of Properties Sold
-44% YoY
Number of Transactions
-22% YoY
Average Sale Price per Sq.ft.
-51% YoY
Sales volume
Home to the Apollo Theater, Harlem is made up of elegant row houses,
city parks with world famous landmarks like Hamilton Grange and Mount
Morris Fire Watchtower, shops, music halls, and eateries of all types and
price points. There are ten trains and 26 train stations in Harlem, which
makes it a great choice for buyers who plan to commute.
$50.8M
$ $100M $200M $300M $400M $500M $600M
Sales volume
$50.8M
$352
$$100$200$300$400$500$600
Average Sale Price per Sq.ft.
$352
15
0
20
40
60
80
100Number of Transactions
15
10
Lenox HillManhattan, 1st Quarter 2019
Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units
Small $1,774,633 -3% $1,256 -26% $97,604,791 9 9 55
0 0
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
David Aharoni P: (877)-249-1022 [email protected]
3 3 72
Large - - - - $0 0
Medium $493,056 -11% $984 43% $35,500,000
Type of Properties Sold
500% YoY
Number of Transactions
7% YoY
Average Sale Price per Sq.ft.
354% YoY
Sales volume
Perhaps best known as the home of Lenox Hill Hospital, there are many
luxury residences from the 1910s and ‘20s in Lenox Hill, alongside newer
co-ops, condos, and high rises. The streets are lined with boutiques, five-
star hotels, art galleries, and museums – including the Frick Collection.
There is just one subway but it is close to Central Park.
$133.1M
$
$100M
$200M
$300M
$400MSales volume
$133.1M
$1,170
$$500
$1,000$1,500$2,000$2,500$3,000
Average Sale Price per Sq.ft.
$1,170
12
0
5
10
15Number of Transactions
12
11
Upper West SideManhattan, 1st Quarter 2019
Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units
Small $749,836 11% $893 11% $20,995,400 4 4 28
0 0
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
David Aharoni P: (877)-249-1022 [email protected]
1 1 10
Large - - - - $0 0
Medium $305,000 -30% $496 -43% $3,050,000
Type of Properties Sold
25% YoY
Number of Transactions
-3% YoY
Average Sale Price per Sq.ft.
-29% YoY
Sales volume
$24.0M
$
$100M
$200M
$300M
$400MSales volume
$24.1M
$811
$
$500
$1,000
$1,500Average Sale Price per Sq.ft.
$811
5
02468
1012
Number of Transactions
5
12
Washington HeightsManhattan, 1st Quarter 2019
Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units
Small $265,526 85% $423 1% $5,045,000 3 3 19
1 60
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
David Aharoni P: (877)-249-1022 [email protected]
1 1 25
Large $304,333 34% $280 18% $18,260,001 1
Medium $361,600 54% $386 41% $9,040,000
Type of Properties Sold
-29% YoY
Number of Transactions
29% YoY
Average Sale Price per Sq.ft.
-60% YoY
Sales volume
Though less dense than other Manhattan neighborhoods, Washington
Heights offers good transportation options. This neighborhood is home
to ten outdoor parks, including Bennet Park – famous for including the
highest natural point in Manhattan. The Cloisters museum, in
Washington Heights’ Fort Tryon Park, is one of the most important
tourist attractions in North Manhattan.
$32.3M
$
$100M
$200M
$300M
$400MSales volume
$32.4M
$322
$
$100
$200
$300
$400
$500Average Sale Price per Sq.ft.
$322
5
0
5
10
15
20
25Number of Transactions
5
13